An IMF director has warned of further crypto selloffs and more crypto tokens failing. cryptocurrency
A director with the International Monetary Fund has warned of further selloffs in both crypto assets and equities. He further warned that more crypto tokens could fail.Tobias Adrian, director of Monetary and Capital Markets for the International Monetary Fund , warned about further selling pressure in the crypto market and more crypto token failures in an interview with Yahoo Finance Wednesday.We could see further selloffs, both in crypto assets and in risky asset markets, like equities.
In May, cryptocurrency terra and stablecoin terrausd imploded, prompting SEC Chairman Gary Gensler to warn thatAdrian also warned about the potential for fiat-backed stablecoins to experience runs, something that both Treasury Secretary Janet Yellen and the Federal Reserve have also cautioned about.
Moreover, the IMF director noted that regulations are needed to protect investors and the financial system. Noting the sheer number of cryptocurrencies in existence, Adrian opined:
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